US dollar at the highs of the day
USD/JPY is up 67 pips to 107.60 as part of a broad US dollar rally that has accelerated since strong consumer confidence numbers and comments from Powell.
The new Fed chairman was asked about the path of rates and the dot plot that shows 3 hikes this year. He declined to say what will happen to rates or forecasts but outlined 4 or 5 reasons why the economy had improved since December, and no reasons for skepticism.
Reading between the lines, the Fed is at least thinking about putting the US on the path to 4 or more rate hikes this year.
USD/JPY 30 mins:
